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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?


To: John Koligman who wrote (23769)4/2/2025 1:30:04 PM
From: robert b furman  Read Replies (1) | Respond to of 26439
 
Trump is trying to repeat what McKinley achieved:

He prevailed after a Supreme Court decision.

After 450 amendments, the Tariff Act of 1890 was passed and increased average duties across all imports from 38% to 49.5%. [4] McKinley was known as the "Napoleon of Protection", [5] and rates were raised on some goods and lowered on others, always in an attempt to protect American manufacturing interests. Changes in duties for specific products such as tinplates and wool were the most controversial ones and were emblematic of the spirit of the Tariff of 1890. [6] The Act eliminated tariffs altogether on certain items, with the threat of reinstatement as an enticement to get other countries to lower their tariffs on items imported from the US.

Eliminated tariffs[ edit]
The Act removed tariffs on sugar, molasses, tea, coffee, and hides but authorized the President to reinstate the tariffs if the items were exported from countries that treated U.S. exports in a "reciprocally unequal and unreasonable" fashion. The idea was "to secure reciprocal trade" by allowing the executive branch to use the threat of reimposing tariffs as a means to get other countries to lower their tariffs on U.S. exports. Although this delegation of power had the appearance of being an unconstitutional violation of the nondelegation doctrine, it was upheld by the Supreme Court in Field v. Clark in 1892, as authorizing the executive to act merely as an "agent" of Congress, rather than as a lawmaker itself. [7] The President did not use the delegated power to re-impose tariffs on the five types of imported goods, but he used the threat of doing so to pass 10 treaties in which other countries reduced their tariffs on U.S. goods. [8] [9]